The EURUSD pair has recently experienced a breakdown below the critical support level at 1.0844, indicating that the downtrend from 1.1011 remains intact. This development suggests that the bearish momentum could persist, with further declines likely in the near term.
Traders and market participants are now focusing on the next target levels for EURUSD. The primary objective is set at 1.0800, followed by a subsequent target at 1.0750. These levels serve as potential areas of interest where traders may anticipate a pause or potential reversal in the downward movement.
On the upside, the falling trend line on the 4-hour chart acts as a key resistance barrier for EURUSD. It is worth noting that a break above this trend line resistance would be required to trigger another significant rally towards the resistance level at 1.1095. Until such a breakout occurs, the bias remains tilted towards the downside.
In summary, EURUSD has broken below the support level at 1.0844, confirming the continuation of the downtrend from 1.1011. The pair is likely to encounter further declines, with targets set at 1.0800 and 1.0750. The falling trend line on the 4-hour chart acts as a significant resistance level. Only a decisive break above this trend line resistance would indicate a potential reversal or a shift in market sentiment. Traders should stay informed and monitor key developments to make well-informed trading decisions.
